Summit Materials (NYSE:SUM) Sees Unusually-High Trading Volume – Time to Buy?

Shares of Summit Materials, Inc. (NYSE:SUM) saw unusually-strong trading volume on Monday . Approximately 1,042,295 shares changed hands during mid-day trading, a decline of 25% from the previous session’s volume of 1,383,863 shares.The stock last traded at $50.79 and had previously closed at $50.78.

Analyst Ratings Changes

Several research analysts have weighed in on the company. DA Davidson boosted their price target on Summit Materials from $41.00 to $47.00 and gave the stock a “neutral” rating in a research report on Tuesday, November 5th. Morgan Stanley assumed coverage on Summit Materials in a research report on Monday, August 26th. They set an “overweight” rating and a $51.00 price target on the stock. Loop Capital reaffirmed a “hold” rating and set a $52.50 price target (down previously from $54.00) on shares of Summit Materials in a research report on Tuesday, November 26th. Royal Bank of Canada reissued a “sector perform” rating and set a $52.50 target price (down from $54.00) on shares of Summit Materials in a report on Monday, November 25th. Finally, Jefferies Financial Group lowered Summit Materials from a “buy” rating to a “hold” rating and decreased their target price for the stock from $58.00 to $52.50 in a report on Monday. One analyst has rated the stock with a sell rating, ten have given a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $50.54.

Summit Materials Trading Up 0.0 %

The firm has a 50-day moving average of $46.73 and a two-hundred day moving average of $41.12. The company has a current ratio of 3.10, a quick ratio of 2.48 and a debt-to-equity ratio of 0.62. The firm has a market capitalization of $8.92 billion, a P/E ratio of 61.93 and a beta of 1.14.

Summit Materials (NYSE:SUM) last issued its quarterly earnings results on Wednesday, October 30th. The construction company reported $0.75 earnings per share for the quarter, beating the consensus estimate of $0.70 by $0.05. The company had revenue of $1.11 billion during the quarter, compared to analysts’ expectations of $1.17 billion. Summit Materials had a return on equity of 6.90% and a net margin of 3.92%. The business’s quarterly revenue was up 49.9% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.81 earnings per share. On average, analysts anticipate that Summit Materials, Inc. will post 1.66 EPS for the current year.

Insider Activity at Summit Materials

In related news, insider Christopher Burke Gaskill sold 1,536 shares of the firm’s stock in a transaction dated Tuesday, December 10th. The shares were sold at an average price of $50.91, for a total transaction of $78,197.76. Following the completion of the sale, the insider now owns 40,221 shares in the company, valued at approximately $2,047,651.11. This trade represents a 3.68 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. 0.55% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Summit Materials

Several large investors have recently added to or reduced their stakes in SUM. V Square Quantitative Management LLC purchased a new position in Summit Materials during the 3rd quarter valued at about $27,000. Point72 Asia Singapore Pte. Ltd. bought a new stake in Summit Materials during the 3rd quarter worth approximately $28,000. Toth Financial Advisory Corp lifted its stake in Summit Materials by 147.1% in the 3rd quarter. Toth Financial Advisory Corp now owns 840 shares of the construction company’s stock worth $33,000 after purchasing an additional 500 shares in the last quarter. International Assets Investment Management LLC increased its holdings in shares of Summit Materials by 3,804.2% in the third quarter. International Assets Investment Management LLC now owns 937 shares of the construction company’s stock worth $37,000 after purchasing an additional 913 shares during the period. Finally, Quest Partners LLC purchased a new stake in shares of Summit Materials in the second quarter worth $40,000.

About Summit Materials

Summit Materials, Inc operates as a vertically integrated construction materials company in the United States and Canada. It operates in three segments: West, East, and Cement. The company offers aggregates, cement, ready-mix concrete, asphalt paving mixes, and concrete products, as well as plastics components.